On August 27, pork processor Smithfield Foods announced on its official website that it would divest its European business. After the split, Smithfield Foods and its European company Morliny Foods remain subsidiaries of WH Group.
Shane Smith, president and CEO of Smithfield Foods, said that now is the right time to establish North American and European businesses as independent businesses to implement different strategies under different market environments and opportunities. As a result, the company can provide more decision-making flexibility to their respective management teams and optimize the performance and prospects of each business.
According to the information, Smithfield Foods Co., Ltd. is a wholly-owned subsidiary of WH Group in Hong Kong. On July 15, 2024, WH Group announced that the company recently submitted an application to the Hong Kong Stock Exchange, proposing to spin off the Smithfield Foods business operating in the United States and Mexico so that it can be independently listed on the New York Stock Exchange or Nasdaq Stock Market in the United States.